Shiba Inu Burn Rate Spikes Over 5500%, SHIB Readies for Rally

• SHIB burn rate surges 5564%, fueling market optimism.
• SHIB consolidation hints at a possible bullish breakout.
• The symmetrical triangle pattern signals a potential SHIB breakout.

The meme coin sector recently witnessed Shiba Inu grabbing attention again as its burn rate soared by over 5500%. On May 10, the Shibburn tracker reported that approximately 26 million SHIB had been destroyed in the past 24 hours. This dramatic spike injected a wave of optimism into the dog-themed meme coin’s market prospects.

Shiba Inu Burn Rate (Source: Shibburn)

According to Shibburn’s data, Shiba Inu’s burn rate skyrocketed by 5564.09%, removing 25.93 million SHIB from its total supply. The surge offered renewed hope among investors, with the reduced supply anticipated to support a price increase. 

SHIB Price Action

As of press time, the Shiba Inu token has experienced a 3.78% climb in the past 24 hours, trading at $0.00002351. This uptick coincides with a recent acceleration in its burn rate, while weekly data suggests consolidation, with SHIB drifting laterally yet garnering a mild 2.48% uptick. 

SHIB/USD 24-Hour Chart (Source: CoinStats)

Despite this con…

The post Shiba Inu Burn Rate Spikes Over 5500%, SHIB Readies for Rally appeared first on Coin Edition.